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Wednesday 13 March 2013

UK Financial News on 2013-03-13

US investors set to swoop on Europe
American investors, who have seen significant gains on their US structured credit investments, are setting up shop in Europe.....

EU unveils new air passenger rights
New rights for air passengers are unveiled by the European Commission, including rerouting travellers with rival carriers if a flight is delayed for more than 12 hours......

Tesco buys Giraffe restaurants
Supermarket group Tesco buys the restaurant chain Giraffe for 48.6m as it moves into the family dining sector......

Bank behaviour 'harming capitalism'
A business leaders' group blasts the "unacceptable" levels of banker bonuses, saying it is hurting the reputation of capitalism itself......

Dreamliner battery redesign approved
US airline regulators approve plans to redesign the battery of the Boeing 787 Dreamliner, but give no indication of when passenger flights can resume......

RBS unveils its text-to-pay app
RBS has unveiled an app which will allow customers to transfer money to contacts on their smartphone, and says "security mistakes" will not be repeated......

Profits rise at Zara-owner Inditex
Profits at the world's largest fashion clothing retailer, Zara-owner Inditex, rose by 22% last year, helped by demand in Eastern Europe and China......

Commerzbank to cut government stake
The German lender Commerzbank is planning to raise capital to reduce the government's stake to less than 20% of the company......

US retail sales beat forecasts
US consumers shrugged off higher taxes to boost retail spending by 1.1% in February, government figures show......

Henrik Fisker resigns from carmaker
Henrik Fisker, the founder of the Californian carmaker Fisker Automotive, leaves the company after falling out with its executives......

MEPs set up new EU budget battle
Euro MPs demand further negotiations on the EU's multi-year budget, amid tensions with austerity-minded governments......

Thomas Cook updates on strategy
Shares in travel group Thomas Cook surge 14% after it announced details of its turnaround strategy, which will see it focus on internet sales......

Google pays executives $15m bonuses
Internet search giant Google is paying nearly $15m (10.1m) in bonuses to four of its top executives for their performances last year......

No-frills financial products 'ready'
Four "no-frills" financial products have been designed and will be available for consumers shortly to buy without advice......

G4S bullish after Olympics debacle
Security firm G4S reports a rise in revenues in 2012 and says it expects "good continuing organic growth" in 2013 as it attempts to put the Olympics debacle behind it......

BHP faces Olympic bribery probe
BHP Billiton says it is co-operating with a probe into possible violations of corruption laws during its sponsorship of the 2008 Beijing Olympics......

Horsemeat scandal 'changing habits'
More than half of UK consumers have changed their shopping habits as a result of the horsemeat scandal, a survey by consumer group Which? suggests......

EU backs rules for consumer disputes
The EU adopts new standard rules to settle disputes between consumers and traders out of court......

Forces exempted from benefit change
Foster carers and armed services families will be exempt from controversial changes to housing benefit, ministers say......

E-books added to inflation basket
E-books have been added to the basket of goods used to calculate the UK's rate of inflation, but champagne loses its fizz......

'Crude scams' push up fraud losses
Distraction thefts at shops, bars and cash machines led to a rise in card fraud in the UK last year, figures suggest......

France to break deficit pledge
President Francois Hollande admits France's 2013 budget deficit will be higher than the 3% level he promised during last year's election......

Sudan rivals 'to resume pumping oil'
South Sudan and Sudan agree to resume pumping oil after a bitter dispute over fees which saw production shut down more than a year ago......

UK housing market 'shows sales lift'
UK house sales hit their highest level in more than two-and-a-half years in February, but the figures do not signal a housing boom, surveyors say......

Cathay Pacific profits plunge 83%
Hong Kong-based Cathay Pacific posts an 83% plunge in profits amid higher fuel costs and a drop in demand for corporate travel......

RBS sells stake in Direct Line
Royal Bank of Scotland is to give up control of Direct Line after saying it will sell part of its stake in the insurer......

Google hit by $7m Street View fine
Google has agreed to pay a record fine for collecting wi-fi data as part of its Street View service in the US......

UK firms win Rio 2016 Olympic deals
Two UK architectural firms have won contracts to assist with venue designs for the Rio 2016 Olympic Games......

Don Valley redevelopment revealed
Plans to redevelop the site of Don Valley Stadium as an "advanced sports and wellbeing park" are announced......

VIDEO: Top economist: Osborne plan 'a mess'
George Osborne's economic plan of austerity deficit reduction is "disastrous" and "a mess" according to Nobel Prize-winning economist Paul Krugman......

AUDIO: What's the best office temperature?
Facebook founder Mark Zuckerberg likes to keep his conference room at just 15 degrees Celsius. Lucy Kellaway, Financial Times management columnist, and Celia Donne, Global Operations Director at Regus, discuss the perfect temperature for an office......

AUDIO: Airline passenger rights altered
The European Commission says new rules, which are not likely to become law until 2014, will give a lot more certainty to airlines and passengers.....

VIDEO: Royal Family are tech 'early adopters'
Prince Andrew explains to Rory Cellan-Jones why the Royal Family are "early adopters" of modern technology, from Ceefax to mobile tablets......

VIDEO: Boss: Half of my staff are apprentices
When Julie White bought her Coventry-based drilling firm in 2008, the average age of her engineers was around mid-50s, and it was getting older......

VIDEO: 'Habits change' amid horsemeat scandal
More than half of UK consumers have changed their shopping habits as a result of the horsemeat scandal, a consumer group survey suggests......

VIDEO: Is the UK in a whiplash claim epidemic?
Whiplash payout make up 1 in every 5 of an average car insurance premium according to the Association of British Insurers......

AUDIO: Call for 'simpler' financial products
Financial products should be simpler with more transparent pricing, according to a new report......

'I am tired of struggling'
Looking for work in one of the poorest areas of the UK.....

What commentators are saying
What commentators are saying about the chancellor's plans.....

Budget 2013: If you were chancellor...
What would you do to get the economy growing?.....

UK economy: The radical options
Radical options to rescue the economy.....

What Apprentice winners did next
What the winners of the Apprentice did next.....

HK pawnbroker sees growth in ancient industry
Hong Kong pawnbroker sees growth in ancient industry.....

U.S. Day Ahead: Samsung's new Galaxy a real threat to Apple
Breakingviews' Rob Cyran says it is set to start stealing away Apple's market share......

Daily Digit: 37% of teens have smartphones
Mar 13 -Smartphone use among U.S. teens is up sharply to 37 percent, which has implications for advertisers and parts of the tech economy. Conway G. Gittens reports......

Techquity: 'A New Hope' for Samsung's Galaxy S4
Mar 13 - Analysts say Samsung's latest smartphone could notch big sales in its first month, but any hiccups or missed expectations could be "disastrous" for the mobile device maker......

Ireland's big step of out bailout
March 13 - Ireland takes a big step towards meeting long-term funding targets as part of its EU/IMF bailout agreed to in 2010, but are current yields on its long term debt justified? Joel Flynn reports......

Holy smoke, there's a "Pope App"
March 13 - Anyone with "The Pope App" on their smart phone can watch for the white smoke that heralds a new pontiff on a live stream from the chimney of the Sistine Chapel. Ciara Sutton reports.....

Breakingviews: The S&P 500 race
March 13 - As the S&P 500 Index approaches a new record high, Jeffrey Goldfarb talks to Breakingviews columnists about the U.S. stock benchmark's potential fate given the Fed model yardstick and other historical gauges......

Trading at Noon: Retail ETFs hit record highs on sales data
March 13 - Retail ETFs and stocks are surging following better-than-expected sales data. Still investors are pausing after recent rallies on the Dow and S&P 500......

EXCLUSIVE: Inside SAP a chat with CEO Jim Snabe (Pt I)
Mar. 13 - Ahead of the annual CeBit IT fair in Hannover, SAPs co-CEO Jim Snabe shares his thoughts on his industry, his competitors and his hopes to win new business......

Europe Day Ahead: EU leaders to focus on Cyprus, not Italy
Mar. 13 - EU leaders summit likely to focus on Cyprus bailout plan. Watch out for Q4 jobs data from the euro zone and Greece. Earnings from Volkswagen and Eni.....

Pressure on Europe over shale gas
March 13 - Shell has a deal with Ukraine but the shale gas revolution hasn't really taken off in Europe. As the economic benefits of cheap energy help the States Joel Flynn looks at whether the continent may soon be forced to give in to the pressure......

Zara owner sidesteps Europe gloom
March 13 - Zara owner Inditex tapped fashion-hungry consumers in new markets in 2012 to grow net profit by 22 percent even as austerity-hit shoppers in Europe tightened belts. Hayley Platt asks why the world's largest clothing retailer is doing so we.....

Daily Digit: Italy's rising borrowing costs
March 13 - Italy's three-year borrowing costs rise to their highest since December after Fitch cut its credit rating last week, but the country did manage to sell the top planned amount of a new 15-year bond. Ciara Sutton reports......

U.S. Morning Call: Boeing can test Dreamliner batteries
Mar 13 - Boeing won approval from U.S transport regulators to start testing its redesigned battery for the currently grounded 787 Dreamliner......

Overheard in China: Web greets leadership change with a yawn
Mar. 13 - Pollution and food safety scares have distracted China's netizens from the stage-managed political pageant wrapping up in Beijing, but the Congress is still under some social media scrutiny......

Russias new central banker
Mar. 13 - Former economy minister and a close adviser to Vladimir Putin, Elvira Nabiullina, is the new Russian central bank head. But she deserves the benefit of the doubt says Breakingviews......

Reuters Today: Italy & Ireland crunch-time auctions
Mar. 13 - Eyes on Italian and Irish 10-yr debt sales today. Ireland returns to the markets, while Italys inconclusive election and ratings downgrade are expected to raise borrowing costs......

Market Pulse: Ireland, the 12 billion comeback kid
Mar. 13 - Demand for Irelands first 10-year bond issue since its 2010 bailout tops 12 bln. But is the market euphoria justified? Plus, Hungarys FX nightmare and Commerzbank shares plunge 15%......

The bond debate: Buy, sell or run
March 12 - Treasury yields have risen on signs of a strengthening U.S. economic recovery, prompting some bond investors to ponder whether it's time to get out now with more talk of the Fed pulling back on its massive stimulus. That worry may be prema.....

Eight is great for Dow
March 12 -Summary of business headlines: Dow winning streak hits 8th day, 6th new record high; Costco profits up; Apple iPad losing market share-IDC. Bobbi Rebell reports......

U.S. Day Ahead: JCP needs good news and fast!
Mar 12 - Disappointed Penney investors will want to hear some confident sales projections when CFO Ken Hannah speaks at a retail conference.....

Wealth Strategies: Think inflation's been tamed? Think again
Mar 13 - Gregg Fisher of Gerstein Fisher says that, while inflation may be tame now, it still poses a risk to investors and warns not to hold an out-performing stock past its prime......

Daily Digit: $420 target for Apple
March 12 - Jefferies' equity analyst Peter Misek cuts Apple price target to $420. Bobbi Rebell reports......

Techquity: Boost for Google, Cuts for Apple
Mar 12 - New research gives a lift to tablets running Google's operating system while lowering expectations for Apple's iOS. Plus, another analyst cuts his price target on Apple's stock......

Historical climate map reveals impact of warming world
March 13 - Boston University scientists are building a system of visual timelines to show how climate change is affecting the Earth's ecosystems. Using historical satellite data, the researchers have been able to build a compelling picture of the pla.....

Frosty euro zone outlook from the Bundesbank
March 12 - The euro zone crisis is not over, the Bundesbank has set aside billions in new provisions for what it sees as risky European Central Bank moves, Germany's central bank said on Tuesday......

RBS launches Visa-based banking app
A new banking app that will enable millions of customers to send money to friends, family and businesses using their smartphone has been launched by Royal Bank of Scotland.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/5.....

Google's rising star Sundar Pichai takes charge of Android
Google has handed responsibility for its successful Android software system to Sundar Pichai in a move that cements his status as a rising force at the search engine.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/.....

Mike Lynch attacks Hewlett-Packard for a lack of innovation
Autonomy founder Mike Lynch has attacked Hewlett-Packard for its lack of innovation as he defended the controversial 7.1bn sale of the company he founded.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29892ec0/m.....

Labour's toxic legacy has become a bad excuse for doing nothing
The purpose of a good graphic is to tell the story better than words: few do it better than the National Institute of Economic and Social Research's long-standing chart tracking the progress of the UK recession and recovery relative to previous downt.....

From snuff to stir-fries, the story of Britain in a basket
Household spending data show how British society has changed, says Robert Colvile<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29892401/mf.gif' border='0'/><br/><br/><a href="http://da.feedspo.....

From FCUK to seeing red, French Connection falls to loss
Ten years ago, the infamous FCUK logo helped French Connection to become one of the most popular fashion brands in the UK. However, the scale of the challenges now facing the company were highlighted on Wednesday as it slid into the red.<img width.....

FTSE 100 may hit 7,200, Goldman Sachs forecasts
Strategists said the blue-chip index could soon reach an all-time high.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2988b915/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r.....

Thomas Cook strategy cheered by investors
Thomas Cook boss Harriet Green may have kept the City's leisure analysts away from Cheltenham but she still gave them plenty to cheer on Wednesday as she unveiled her long-awaited strategy for the 171-year-old tour operator.<img width='1' height='.....

Morrisons brings in Kiddicare boss to boost online drive
WM Morrison Supermarkets is to parachute the chief executive of its baby equipment retailer Kiddicare into its new online grocery business in an attempt to help the company compete with rivals.<img width='1' height='1' src='http://telegraph.feedsp.....

BoE's Bailey warns UK banks need more capital
Some of Britain's banks need more capital to achieve financial stability, Andrew Bailey, the incoming deputy governor of the Bank of England who will take charge of regulating the country's banks, has warned.<img width='1' height='1' src='http://t.....

BoE's Bailey warns bailed-out banks need more capital
Andrew Bailey, incoming deputy governor of the Bank of England, has said some of Britain's bailed-out banks need more capital to achieve financial stability.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2988836.....

BCC to demand growth measures at London conference
The Government must consider diluting austerity for the sake of growth, the head of the British Chambers of Commerce will say at the start of the business group's annual conference today.<img width='1' height='1' src='http://telegraph.feedsportal......

Small business Budget attack launched by Graham Mitchell, brother of ex-Chief Whip
George Osborne is under attack from a group of small businesses demanding low taxes and tight public finances - led by Graham Mitchell, the brother of the Government's former Chief Whip.<img width='1' height='1' src='http://telegraph.feedsportal.c.....

Ireland's landmark debt sale brings bail-out exit closer
Ireland took at step towards exiting its bail-out programme as it sold 5bn (4.3bn) of 10-year government bonds, its first sale of such long-term debt since it was locked out of the markets more than two years ago.<img width='1' height='1' src='htt.....

Angela Merkel backs EU crackdown on pay
Angela Merkel, the German chancellor, said yesterday that there was no place in a just society for excessive executive pay as her coalition government joined a Europe-wide clampdown on corporate largesse.<img width='1' height='1' src='http://teleg.....

Questor share tip: G4S can still go for gold despite Olympic disaster
G4S is bouncing back from a difficult London 2012. Hold<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29878537/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158920041381/u/.....

London's economy outperforms the rest of UK
London outperforms the rest of the UK, with the South West beating the South East to second place.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2986a956/mf.gif' border='0'/><br/><br/><a href=".....

US retail sales cements confidence in rebound
America's retailers enjoyed a better-than-expected February, cementing confidence that US economic growth is recovering after stalling last quarter.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/2986a959/mf.gif'.....

Call to curb whiplash 'epidemic'
The UK's reputation as the "whiplash capital of Europe" would change if claimants were assessed by independently-appointed medical experts, a trade body said today.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/.....

Budget 2013: Telegraph guide on what to expect
Ian Cowie tells Emma Wall what he expects from the Budget.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29869bfb/mf.gif' border='0'/><br/><br/><a href="http://da.feedsportal.com/r/158920039444.....

MPs to launch inquiry into retail sector
A committee of MPs is to launch an inquiry into Britain's retail industry after a wave of companies collapsed into administration.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/298599bb/mf.gif' border='0'/>&l.....

London remains top safe haven for property investors
London will retain its top spot as the number one safe haven City for European property investors, a leading survey has shown.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/298597b2/mf.gif' border='0'/><br.....

Ireland smashes expectations with first post-bailout 10-year bond issue
Ireland has taken its biggest step yet towards exiting its EU/IMF bailout by selling 5bn (4.3bn) of benchmark 10-year bonds, its first issue of such long term debt since it was locked out of markets in late 2010.<img width='1' height='1' src='http.....

G4S boss targets "business as usual" after Olympics hits profits
Nick Buckles, the chief executive of G4S, is targeting "business as usual" in 2013 after 18 months of turmoil at the FTSE 100 company following its botched attempt to provide security for the Olympics and secure a 5.2bn takeover of cleaning group ISS.....

London's economy outperforms the rest of UK
London outperforms the rest of the UK, with the South West beating the South East to second place.<img width='1' height='1' src='http://telegraph.feedsportal.com/c/32726/f/568300/s/29858933/mf.gif' border='0'/><br/><br/><a href=".....